Nomac Drilling Corp., a wholly owned subsidiary of Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) plans to acquire 13 drilling rigs and related assets from privately held Martex Drilling Co. LLP for $150 million. Chesapeake is acquiring the rigs to accelerate its drilling activity in the Barnett Shale, Ark-La-Tex and Fayetteville Shale regions. Chesapeake currently leases one of the 13 Martex rigs and an E&P affiliate of Martex, Camterra Resources Inc., is leasing two of the 13 rigs through early 2008. The other 10 rigs are subject to contracts of up to one year and as the existing rig contracts expire, Chesapeake anticipates using the rigs for its own account. With the addition of the 13 Martex rigs, Chesapeake anticipates owning approximately 60 drilling rigs by year-end 2006 and should be able to meet approximately 60% of its drilling needs by year-end 2006 with its own rigs.
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